We are always looking at the most current market trends and here’s what we found interesting in-patient trends:
The desire for digital payment options is growing across all age groups.
As you might expect, younger patients continue to seek digital convenience when it comes to payments. However, a third of patients over 75 years old said they’d prefer to pay their next bill with a credit card already saved. It should come as no surprise that this attitude is starting to change across age groups. As more technology is introduced, more generations are adopting it. Everyone loves how simple and easy digital payments are.
Digital correspondence is preferred for billing communications.
A recent inhouse survey report also found that 45 percent of our patients today prefer their bills be sent via email, a patient portal or text message, and that patients remain highly comfortable sharing digital contact info to improve billing communications (compared with 2019 data). So, paper continues to be a less favoured means of communication.
What does this mean for your health care practice? As patient payments continue to change, your practice needs to change, too and quickly.
How Your Practice Can Keep Up
Did you know that the majority of patients are aware of and feel responsible for paying for health care services, but 35 percent say it is inconvenient to pay for health care services (a 15 percent increase from 2017)?
Your practice can align with patient preferences and make payments more convenient by:
1. Accepting and Offering a Variety of Chrysalis Payment Methods
Compared to 2017 data, the number of providers that believe cards on file and automated payment plans will “improve collections overall, reduce days in AR, bad debt and write-offs,” is increasing. This could mean improved cash flow for your practice with less work involved.
2. Letting Your Patients Know About All Payment Options Available at the beginning of the buying process.
Demand is on the increase and more people than ever want to set up payment plans. Having a complete payment solution like Chrysalis finance and Treatment Pay can ensure seamless and easy customer journey.
3. Going Paperless With Your Billing Communications
As already stated, 45 percent of patients prefer their bills be sent via email, a patient portal or text message. Offering paperless communication options in combination with a variety of payment method options will likely close the time frame between notification and payment. Paperless communications can include remote signature capture for card-not-present transaction verification as well as email or text receipts and alerts for outstanding bills.
The Treatment Pay and Chrysalis finance system do this automatically.
So, the first step to aligning with your patient’s preferences is to evaluate how you currently take payments compared to these recommendations. Once the gaps are distinguished, it’s time to speak with us at Treatment Pay, email@example.com or call us on 0333 32 32 230.